Corporación de Reservas
Estratégicas
de Productos Petrolíferos

Public Law Corporation
under the aegis of the
Ministry for the
Ecological Transition

Financing

CORES has the following financial resources:

  • The regular or special fees that must be paid by its members and the other entities obliged to maintain minimum security stocks.
  • The liquidity resulting from its debt or loan capital.
  • Any other ordinary or extraordinary income that may be generated in the course of exercising its functions.

In addition to these resources, CORES can sell or trade any stock in excess of its obligatory stockholding if the Board of Directors approves, as long as this sale or trade takes place at a price or value equal to the average weighted acquisition cost, or at the market price, if higher. If the sales price or value of the trade is lower than the average weighted acquisition cost, the transaction must be authorised by the Ministry for the Ecological Transition.

 

 

CORES’ financial objectives are as follows: 

  • Obtaining funds to acquire strategic reserves at a cost within the range of comparable entities.
  • Financing with medium and long-term debt.
  • Use of diversified financing sources that permit flexibility based on needs.

 

CORES has a stable, predictable income structure, with a financing system based on the payment of fees established by law
In order to guarantee CORES’ financial solvency, the law includes the possibility of imposing special fees
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